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Dow adds nearly 300 points to end the week at a record high, S&P 500 continues to outdo itself

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4:10pm: Moderna up after study finds vaccine antibodies remain after six months

The Dow raced to a record high in the final hours of trading, gaining 297 points, 0.9%, to 33,801. The Nasdaq, after starting in the red, finished 71 points higher, 0.5%, at 13,900, and the S&P 500 added 32 points, 0.8%, to 4,129, also a record.

Moderna Inc (NASDAQ:MRNA) stock improved more than 5% to $140.92 on news that the antibodies in its coronavirus vaccine were still present six months after the second dose, according to follow-up study with patients who received the vaccine in early trials.

12:15pm: Traders weigh March PPI jump

The Dow was up 73 points, 0.2%, at 33,577 at midday. The Nasdaq, which started well into the red, made it to within a point of the flatline at 13,829, while the S&P 500 added 8 points, 0.2%, to 4,105, which would mark another record high.

“Markets will once again have to revisit the topics of inflation and the Fed’s response to it, bearing in mind the dovish Fed minutes from this week,” IG Chief Market Analyst Chris Beauchamp wrote. “The feeling of being in uncharted waters remains, since normally PPI data begins to strengthen towards the end of the cycle, as the Fed is already tightening, but we are generally assumed to be at the beginning of a cycle, and no Fed tightening is in sight.”

The producer price index, a measure of wholesale price inflation, rose 1% in March, topping Street expectations of 0.4%.

10.20am: Proactive North America headlines:

Phyto Extractions Inc (CSE:XTRX)(FRA:D2EP) launches three new Shatter Products, adding to its product line in the burgeoning cannabis extracts market

BioSig Technologies Inc (NASDAQ:BSGM) accepts invitation to join the Alliance for Artificial Intelligence in Healthcare

Vuzix Corporation (NASDAQ:VUZI) announces online panel discussion to discuss key takeaways for successful deployment of augmented reality for enterprise customers

Alternus Energy Group PLC (NOTC:ALT) on pace to see a tenfold increase in its power capacity by the end of 2023

Predictiv AI Inc (CVE: PAI) (OTCMKTS:INOTF) (FSE:71TA) installs ThermalPass scanners at Memorial Healthcare System facilities in south Broward County, Florida

American Manganese Inc (CVE:AMY) (OTCQB:AMYZF) (FRA:2AM) improves the manganese processing flowsheet for its US Defense Logistics Agency project

Hillcrest Petroleum Ltd (CSE:HEAT) (OTCMKTS:HLRTF) (FRA:7HI.F) rebranding as Hillcrest Energy Technologies as it transitions from fossil fuels to clean tech innovation and IP development

KWESST Micro Systems Inc (CVE:KWE) (OTCQB:KWEMF) upsizes brokered private placement to C$4M after it sees significant demand from investors

American Battery Metals Corporation (OTCQB:ABML) COO to speak at the US Energy Storage Association conference this month

ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) technology ‘drafted’ by two motorsports organizations on day two of the Hype Sports Innovation Accelerator

Aurania Resources Ltd (CVE:ARU) (OTCMKTS:AUIAF) (FRA:20Q) finds black “pyrobitumen” through drilling at Kuri-Yawi target at Lost Cities- Cutucu project

CytoDyn Inc (OTCQB:CYDY) says its coronavirus long-haulers trial now fully enrolled faster than expected

9.40am: Wall Street starts mixed

Wall Street has opened on a mixed footing on Friday after delayed and higher than expected US inflation report knocked investors a little of balance.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.32% at 33,609 while the S&P 500 rose 0.05% to 4,099. The Nasdaq was the outlier, falling 0.46% to 13,766.

The delayed data was the US producer price index (PPI), which showed the prices at the factory gates in America rose 1% in March, much faster than expected.

The rapid inflation rise is likely to reignite interest in wider US inflation and Fed policy, as well as the US government bond markets.

8:08am: Wall Street set for positive start

US futures are pointing at a green open for the Dow Jones Industrial Average, the S&P 500 and the Nasdaq on Friday amid continued positivity.

“Steadying inflation concerns have opened the door for renewed buying interest in growth stocks,” said Richard Hunter at interactive investor.

“While the relief may be temporary, the previous rotation from value to growth has reversed. This resulted in a strong showing from big technology stocks which helped lift the S&P500, where the influence of the tech sector is significant, to another record closing high. Inevitably the Nasdaq index was also back in favour, with the likes of Microsoft and Apple clocking positive gains.”

“The imminent first quarter reporting season should add more colour to how companies are actually faring on the ground, while outlook comments will be scrutinised for further views on the economic rebound. More positively, the Fed remains determined to continue with its accommodative policies until such time as the picture clears and the expected bounce in economic fortunes gains traction.”

Four things to watch for on Friday:

  • Cannabis group Canopy Growth Corp (NASDAQ:CGC) will be in focus after announcing plans to acquire Canadian-listed rival Supreme Cannabis Company Inc (TSE:FIRE)
  • Plant-based meat maker Impossible Foods will be eyed for any more news about its possible IPO, which could reportedly see it valued at around USD$10bn
  • On the macro front, investors will be looking at the latest US PPI data
  • Meanwhile, there will also be reaction to the recent death of Prince Philip, consort of the UK’s Queen Elizabeth II

Story by ProactiveInvestors


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